The Pacific commercial advertiser. [volume] (Honolulu, Hawaiian Islands) 1885-1921, 1887-11-22

tereStS?"
As has been truthfully said by some
newspaper writer, 1.-The loan act was con-
ceived in sin and brought forth in iniquity.
There was no excuse for it, and no desire
on the part OF the Government to obtain
an English loan, and it is well known that
there was a strong opposition felt among the
most intelligent part of the nation to the
idea of borrowing money SO far away, when
with an upright and honest government
there would be no difficulty in borrowing
an adequate amount nearer home or even
within our own borders. The proposition
that the Kingdom of Hawaii float loan in
London came not from any member OF our
Government, nor from any Hawaiian de-
sirous of promoting the national prosperity,
but from a certain adventurer named
Armstrong, who acting on behalf of him
self and certain friends, thought that if the
King and Government could be inveigled
into the scheme, they might make 1T
profitable speculation. But the Cabinet
then IN power did not favor the idea and
refused to have anything to do with it, and
it was not until their official heads were
threatened that they yielded their reluctant
assistance.
The now famous Loan Act was passed
by the Legislature and amended during
the same session, making the requisite
provisions for floating the loan and speci-
flying the objects to which it was to be de-
voted, which included an appropriation of
500, 900 for Expenses floating loan" Our
Supreme Court has decided that in addi-
ton to this amount it also allows the out
lay of sufficient sum to pay for prepar-
ing the bonds and coupons. Mr.. Arm
strong and the somewhat mythical Lon
don syndicate had this Loan Act before
them, and knowing exactly what remuner-
alton it provided for, they wilfulIy, and I
claim wrongfully, appropriated to their
own use some SIS 900 or more from the
funds which came into their hands on the
loan account, undoubtedly trusting to the
idea that they could make it all right with
the corrupt Government then in control of
the country. But there is a tide in the
affairs of men," and ere this unholy
scheme could be wound up the period of
misrule here was incontinently termi-
mated and reform was inaugurated.
ton with which we are brought face to
face at this moment is, shall we sacrifice
our principles for the sake of pOlicy?'' We
are told that for the sake of the credit of
the country in England we must ignore
our statutes and comply with the demands
OF these LOmbard-street Jews, illegal
though they are. See what an extraordi-
nary proposition this is to make to a Leg
islature pledged to accommodated on the
downful of corruption and general demon
alization, for the express purpose of up
holding and promoting honor and integ-
rity and common honesty. l tell you, Mr..
President, it will be an unhappy day for
this country when we depart from the
path of strict rectitude and establish prec-
edents which make principles subservient
to matters of policy. Where will such q
course lead us if not straight back to the
condition of moral darkness from which
we have just emerged?
A servile and unprincipled Legislature
which we all regard as an everlasting dis
grace to the country, passed the Loan Act
of 1886 to please Mr.. Armstrong and his
crew, and now shall we abjure our prefes
siOns of reform, and descending to the
low level of that Legislature, whitewa h
the illegal acts of the sO-called fnancia
agents of the country, as Is demanded
| of US.
If we now stand by the statutes of 1886
and tender to the subscribers to the loar
| such bonds as are contemplated BIZ tina
Act, we shall be doing the honest and lega
thing; our position will be digniied one
and we shall not in any degree sacrifice
our self-respect or our principles. The
| question as to whether the subscribers vii
| accept such bonds is not for US to consider
| at the present time. If they refuse such
legal tender they do it at their own peril
l therefore move that this section be in
| definitely postponed.
Noble Young, after relating one of hi:
usual stories, said that two financial
| agents had been appointed. No. 2 had re
| ceived $4,000 for helping this Act through
and perhaps the rest had gone the same
way. By the decision of the Supreme
| Court they were not bound any further
| than by the Act. He could not see thai
| Armstrong, Macfarlane or the syndicate
| had looked after the interests of Hawaii
| He was in favor of the bonds being signed
in pounds. He was not in favor of having
| the f15,00 thrust down their throats. Fol
| the best interests of this country the
bonds ought to be signed. An agent
| ought to be sent with them to deliver
them up to the proper persons, keeping
| back enough for the ELS, 900. If they fol
lowed up the Ubiquitous agents they woulc
| fetch up to the "nigger in the fence,
whoever he is. Their credit would not be
| damaged by holding back this amount
| He was in favor of sending a responsible
| agent, not bugaboo and thief He
favored Rep. Kinney's amendment, but
| let them not pay an agent in London fol
they had had enough of London agents
| already. Applause from Noble Wide
manu- If they could not find an hones
man in the Kingdom, let them borrow
| s.